Are there non-scammy scrypt cloud mining services out there?

[Lethn]

So I want to try and find some long term cloud mining contracts or indefinite shares in the stuff but it's become quite difficult for me because almost all of them seem to be either quite scammy or at the very least have a lot of suspicion around them. Does anybody actually know any services they'd vouch for? Also, I'll know if you're trying to affiliate spam so don't even bother.

I'm trying to find some passive investments but it seems to be quite difficult seeing as how the more you look at this kind of stuff the more suspicious a lot of these things get.

[Eotnak]

No.  Concept/design failure.

[Lethn]

[fryarminer]

ALL cloud mining is a scam. Why would ANYONE sell cloud hashing to you at a loss for them? If they could make more money hashing themselves, they would. But they make a killing selling hash rate to others - more than they could make if they just mine for themselves.

It's all a scam.

[fryarminer]

A friend of mine and also I myself have gone to a plan B: invest the money you would spend hashing in buying coin outright. You end up accumulating a lot more than you could ever mine.

[QuestionAuthority]

Here's a list of cloud mining services: http://www.cloudminingreviews.com

A few are missing like KnCminer but those are probably scams anyway. I did meet the people from Genesis Mining at a recent Bitcoin conference: https://bitcointalk.org/index.php?topic=569926.msg9110850#msg9110850 and they seemed pretty decent and definitely had some good reasons to rent vs mining for themselves. The most impressive thing they said to me was that they had no desire to burn up equipment mining for themselves and risk never paying off the equipment when they could rent for a set rate and guarantee the equipment payoff. If there is any life left in the equipment after the rental payoff they can realize a profit. If they mine for themselves volitility could keep them from ever realizing a profit. Of course, you have to worry about that issue if you rent. Their schtick could all be a bunch of BS but I tend to believe them because one of the girls at the booth had really big jugs. ROFL

[Lethn]

Now that's a helpful website QuestionAuthority thanks, lots of user reviews is just what I need, I spotted some review sites out there but they were clearly ad backed and posting dodgy reviews.

[jonald_fyookball]

ALL cloud mining is a scam. Why would ANYONE sell cloud hashing to you at a loss for them? If they could make more money hashing themselves, they would. But they make a killing selling hash rate to others - more than they could make if they just mine for themselves.

It's all a scam.

true.  unless by cloud mining your intention is to help secure the network, rather than profit.

it should also be said that even non cloud retail mining gear is not too much different.
There are the variables of electricity, space, cooling, and maintenance, but the same principle applies:
Why would any company sell you something they can make more profit from themselves?

Real winners in mining create their own gear and chips or buy parts wholesale and assemble.

[juju]

So I want to try and find some long term cloud mining contracts or indefinite shares in the stuff but it's become quite difficult for me because almost all of them seem to be either quite scammy or at the very least have a lot of suspicion around them. Does anybody actually know any services they'd vouch for? Also, I'll know if you're trying to affiliate spam so don't even bother.

I'm trying to find some passive investments but it seems to be quite difficult seeing as how the more you look at this kind of stuff the more suspicious a lot of these things get.

The only cloud mining worth doing is if you setup some new miners at a buddies place, typically you will never break even when trying to use the cloud hardware to mine coins, unless the coin gets hot after you mined a ton. Otherwise the company "hosting" the asics would just be running the machines to harvest coins if it were profitable. The only profits they can really derive from having the machines is to sell it to other people to use, because using it will not be profitable.

In my mind its a service for lazy people who are gullible, your better off buying Bitcoin and going to an exchange more often than not also you get all your coins up front.

Edit: Clarity

[Eotnak]

Now that's a helpful website QuestionAuthority thanks, lots of user reviews is just what I need, I spotted some review sites out there but they were clearly ad backed and posting dodgy reviews.

And I'm sure that they're not shills...

everything you need to know is in every post of this thread so far.  I'll add 2 things:

profitable miners buy they're own hardware, mine with it, then sell the hardware before it becomes totally worthless.
If I had old hardware that I wanted to squeeze a little more money out of, I'd start a cloud mining company.

[franky1]

risk never paying off the equipment when they could rent for a set rate and guarantee the equipment payoff.

if mining for yourself with your own equipments where you get 100% bitcoin is a risk to pay off.. then by that assumption asking a customer to rent it where the rents cover the costs, obviously prove that the rent exceeds bitcoin mining income.

thus as others have said, they are all scammy under a long term contract.

BUT, the exception is for those that just want to grab a 48hour premine of coins without spending $500-$50k in equipment, they can easily rent it for just 48 hours and make a profit on the initial pump and dump. so for short term boosts of hash power, there are benefits. just not for long term contracts

[cozk]

No.  Concept/design failure.

This.

[inBitweTrust]

The essential idea of cloud mining disgusts me. It is bad enough we have centralized pools, let alone centralized mining warehouses. Please don't encourage this behavior. The only justification for centralized mining is if all of the members owned the company and equipment equally and had equal rights as any other shareholder with the ability to remove their share of equipment at any time.

[franky1]

The essential idea of cloud mining disgusts me. It is bad enough we have centralized pools, let alone centralized mining warehouses. Please don't encourage this behavior. The only justification for centralized mining is if all of the members owned the company and equipment equally and had equal rights as any other shareholder with the ability to remove their share of equipment at any time.

agreed, the only positive would be for short term usage. EG 48 hours quick mine. as its cheaper and faster than buying equipment upfront with atleast a 3 month ROI and a 1 month delay in shipping. definitely wont recommend for 2month-2 year contracts

[QuestionAuthority]

The essential idea of cloud mining disgusts me. It is bad enough we have centralized pools, let alone centralized mining warehouses. Please don't encourage this behavior. The only justification for centralized mining is if all of the members owned the company and equipment equally and had equal rights as any other shareholder with the ability to remove their share of equipment at any time.

agreed, the only positive would be for short term usage. EG 48 hours quick mine. as its cheaper and faster than buying equipment upfront with atleast a 3 month ROI and a 1 month delay in shipping. definitely wont recommend for 2month-2 year contracts

Mining in general has been a running scam since we stopped mining with video cards. You have to use ASICs, the manufacturers are all crooks, you can't mine solo, P2Pool works for shit and the pools can cheat the miners. That's why I stopped in 2012.

[P4ndoraBox7]

I recommend you GAWMiners Hashlet, you may pm me if you have any questions.

[inBitweTrust]

I recommend you GAWMiners Hashlet, you may pm me if you have any questions.

I don't understand the point. cloud mining centralizes mining which hurts bitcoin and almost guarantees you will lose money.
 
  GAWMiners Hashlet
447.50 for 500 GH/s
electrical + shipping = 0
Bitcoin Difficulty:    35,002,482,026 + 20% per month average
Profit = none
Loss = -195.00

Congratulations, you just wasted 195 dollars to make the network more centralized.

--------------------------------------------------------------------

  GAWMiners Hashlet
$2685.00  for 3000 GH/s
electrical + shipping = 0
Bitcoin Difficulty:    35,002,482,026 + 20% per month average
Profit = none
Loss = -1,170.00

Congratulations, you just wasted 1,170 dollars to make the network more centralized.


Are people really this bad at math? Seriously? At least when you buy an asic(shipped late) rig you help decentralize the network and lose less money than with cloud hashing.

[P4ndoraBox7]

In fact, i'm good at math. I have a proof of daily payout on my blog since 15th september or so...with screenshots and I can say its very profitable.

No contract, you can sell your Hashlets when you want so... I cannot say how it could affect bitcoin price, I think someone who buy for one or 2 million of mining rigs will still have an impact on bitcoin price, you tell me.

With the Zen Hashlets and the Prime Hashlets, we mine on Zenpool, its exclusive at GAWMiners and we can still mine in Altcoin, not only bitcoins. I always suggest to buy only theses one at the moment and..I can say my rates is ok, Zen Hashlet got a ROI of 130-140 days.

[inBitweTrust]

In fact, i'm good at math. I have a proof of daily payout on my blog since 15th september or so...with screenshots and I can say its very profitable.

No contract, you can sell your Hashlets when you want so... I cannot say how it could affect bitcoin price, I think someone who buy for one or 2 million of mining rigs will still have an impact on bitcoin price, you tell me.

With the Zen Hashlets and the Prime Hashlets, we mine on Zenpool, its exclusive at GAWMiners and we can still mine in Altcoin, not only bitcoins. I always suggest to buy only theses one at the moment and..I can say my rates is ok, Zen Hashlet got a ROI of 130-140 days.

Certainly, tricking people into believing they are going to make money hashing can be profitable if you make money with affiliate revenue, but that isn't exactly ethical is it?   Can you humor us with your math proving 130 day ROI?  Even if you ignored history and assumed a 0% difficulty increase you will still never make a return on investment with the 447.50 GAWMiners Hashlet.


Here is a tool if you need help with your math --- https://bitcoinwisdom.com/bitcoin/calculator

What are you assuming that difficulty doesn't increase?

[BIGbangTheory]

The essential idea of cloud mining disgusts me. It is bad enough we have centralized pools, let alone centralized mining warehouses. Please don't encourage this behavior. The only justification for centralized mining is if all of the members owned the company and equipment equally and had equal rights as any other shareholder with the ability to remove their share of equipment at any time.

Although this is a good point, many people will ignore your advice. There are many people who are interested in mining but do not have the technical expertise nor the time to invest in a miner. As a result they doing it the "easy" way and will purchase a cloud mining contract